The Supreme Court has lifted the December 31, 2023 deadline it placed on the use of old Naira notes as legal tenders in Nigeria.
The court had earlier this year overruled the Central Bank of Nigeria’s, CBN, decision to ban the use of old N200, N500 and N1,000 notes days before the 2023 General Elections.
But in an order on Wednesday, the apex court extended the validity of the old notes indefinitely.
The latest ruling came following the application of the new management of the CBN to extend the validity of the old notes.
The Supreme Court in a seven-man panel led by Justice Inyang Okoro, said the banknotes should remain in circulation, pending when the Federal Government, after due consultation with relevant stakeholders, takes a decision on the matter.
The order was given after it heard an application that was moved on behalf of the Federal Government by the Attorney-General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN.
